Guillermo Sierra - Dec 14, 2023 Form 4 Insider Report for Nabors Energy Transition Corp. (NETC)

Role: VP, Energy Transition
Signature: By: /s/ Guillermo Sierra, by Michael Rasmuson as Attorney-in-Fact
Stock symbol: NETC
Transactions as of: Dec 14, 2023
Transactions value $: $0
Form type: 4
Date filed: 12/19/2023, 08:37 PM
Previous filing: Jul 13, 2023

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	NETC	Class F Common Stock	Gift		-13.7K	-21.43%		50.2K	Dec 14, 2023	Class A Common Stock	13.7K		Direct	F1, F2, F3
transaction	NETC	Class F Common Stock	Disposed to Issuer		-50.2K	-100%		0	Dec 18, 2023	Class A Common Stock	50.2K		Direct	F1, F2, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Guillermo Sierra is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id	Content
F1	The shares of the Issuer's Class F common stock, par value $0.0001 per share ("NETC Class F Common Stock"), are automatically convertible into shares of the Issuer's Class B common stock, par value $0.0001 per share ("NETC Class B Common Stock") at the time of the Issuer's initial business combination on a one-for-one basis, subject to adjustment pursuant to certain anti-dilution rights, and have no expiration date. Prior to and following the Issuer's initial business combination, the shares of NETC Class B Common Stock will be convertible, at the option of the holder, into shares of the Issuer's Class A common stock, par value $0.0001 per share.
F2	On December 14, 2023, Nabors Energy Transition Sponsor LLC effectuated a pro rata distribution of 4,325,000 of its shares of NETC Class F Common Stock, of which 1,946,250 shares were distributed to Greens Road Energy LLC ("Greens Road," and such distribution, the "Sponsor Distribution"). Following the Sponsor Distribution, Greens Road effectuated a pro rata distribution to its members, including the Reporting Person, pursuant to which the Reporting Person received 63,932 shares.
F3	On December 14, 2023, the Reporting Person made bona fide gifts for no consideration of an aggregate 13,700 shares of the Issuer's Class F Common Stock.
F4	In connection with the closing of the business combination (the "Business Combination") between the Issuer, Vast Renewables Limited ("Vast"), Neptune Merger Sub, Inc. ("Merger Sub"), the Sponsor and Nabors on December 18, 2023, whereby, among other things, Merger Sub merged with and into the Issuer and each share of NETC Class F Common Stock, was exchanged for a number of ordinary shares of Vast equal to the Exchange Ratio (as defined in the Business Combination Agreement, dated as of February 14, 2023, by and among the Issuer, Merger Sub, Vast, the Sponsor and Nabors, as amended), each share of NETC Class F Common Stock was automatically cancelled and ceased to exist.